KINGMAN – A proposed development could help those wanting to buy a home but are priced out of the local market.
Holbrook Development received approval from the City Council Tuesday night to pursue construction of a $7.9 million development, known as Tivoli Heights Village Apartments, that is aimed at providing affordable housing for area workers.
The project will sit on approximately 2.5 acres at the southeast corner of Interstate 40 and Harrison Street, according to information provided to the Council.
Holbrook Development Executive Don Holbrook said the objective is to provide assistance and quality homes for first-time homeowners who can’t afford homes on the standard market.
The first phase of the development would consist of 48 condo-style units followed by a second phase of 48 more units.
Holbrook described the units as “very high class, high quality,” adding that the gated community would have recreational amenities such as a pool, recreation center, clubhouse and playground.
Holbrook said the price range would run in the vicinity of $160,000 per unit.
City background information indicates that each phase would include 19 three-bedroom units, 15 two-bedroom and 14 one-bedroom, all targeting families with income levels at 40 percent to 60 percent of the area median income.
Holbrook needed the Council’s approval to apply for an Affordable Housing Tax Credit through the Arizona Department of Housing to fund the project.
City Attorney Bob Taylor said the site of the proposed project must be declared a “redevelopment area,” meaning the property meets certain conditions identifying it as difficult to develop for other purposes and the property addresses the affordable housing strategies contained in the city’s General Plan.
Holbrook said transitional homeowners would receive credit counseling and would be able to avoid up-front costs normally entailed with buying a home, and monthly rent would count as credit toward purchasing, adding that all financing comes from private investment sources.
“It looks like a good project done by a good company,” Council Member Ray Lyons said, who attended a meeting with Holbrook, County Supervisor Pete Byers and Mayor Monica Gates to discuss the project.
Lyons said the program was a good option for residents in towns like Kingman where real estate values are fast surpassing average incomes of regular working people.
“At least they have a chance of being a homeowner,” he said.